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Over the last week, SBA has reviewed thousands of potentially fraudulent pandemic-era PPP and EIDL loans approved in Minnesota. Today, our agency took action to suspend 6,900 Minnesota borrowers amid suspected fraudulent activity. In total, these borrowers were approved for 7,900 PPP and EIDL loans worth approximately $400M. These individuals will be banned from all SBA loan programs, including disaster loans, going forward. We will also refer every case, where appropriate, to federal law enforcement for prosecution and repayment. After years, the American people will finally begin to see the criminals who stole from law-abiding taxpayers held accountable - and...

One Big Beautiful Bill Act – car loan interest tax deduction is a groundbreaking new tax benefit that allows taxpayers to deduct up to $10,000 per year in interest on loans for new U.S. assembled vehicles from 2025–2028. This provision, part of the One Big Beautiful Bill Act of 2025, aims to support American manufacturing and provide significant tax savings for vehicle owners. Below, you’ll find a comprehensive list of qualifying vehicles and all the key requirements you need to know to claim this deduction. To qualify for the One Big Beautiful Bill Act car loan interest tax deduction, your...

Small Business Administration (SBA) Administrator Kelly Loeffler said Thursday night that her agency has suspended “6,900 Minnesota borrowers” over suspected fraudulent activity regarding COVID-era lending programs. Loeffler said the SBA over the last week reviewed “thousands” of potentially “fraudulent” Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) payouts that were approved in Minnesota. “Today, our agency took action to suspend 6,900 Minnesota borrowers amid suspected fraudulent activity. In total, these borrowers were approved for 7,900 PPP and EIDL loans worth approximately $400M,” Loeffler said on social platform X. She said the implicated individuals would be banned from all...

Illinois just gained another data point for its reputation for public corruption. New revelations found that nearly 400 state employees improperly obtained federal Paycheck Protection Program (PPP) loans intended to keep small businesses afloat during the pandemic. PPP was created as part of the CARES Act to provide federally backed, forgivable loans to small businesses during the COVID-19 pandemic. It was signed into law on March 27, 2020. According to the Illinois Office of the Executive Inspector General, investigators found “reasonable cause” in 378 PPP-fraud cases involving state workers through June 2025 — about three-quarters of all cases reviewed, the...

Key Points * The Trump administration will start garnishing the wages of student loan borrowers in default in early January, a spokesperson for the U.S. Department of Education confirmed to CNBC on Tuesday. * More than 5 million student loan borrowers are currently in default, and that total could swell to roughly 10 million borrowers soon, the Education Department said earlier this year. ============================================================== The Trump administration will start garnishing the wages of student loan borrowers in default in early January, a spokesperson for the U.S. Department of Education confirmed to CNBC on Tuesday. It will be the first time...

U.S. prosecutors charged top executives of bankrupt subprime auto lender Tricolor Holdings with what they described as a years-long, “systematic fraud” scheme that sent shockwaves through the banking sector earlier this year. In an indictment unsealed in Manhattan, prosecutors allege that from at least 2018 through September 2025, founder and CEO Daniel Chu and chief operating officer David Goodgame orchestrated a series of fraudulent schemes that let Tricolor obtain billions of dollars from lenders and investors by misrepresenting the value of its loan collateral. Tricolor sold used cars to customers with limited or poor credit in the south and southwest,...

$79 BILLION TAX DOLLARS Stolen from PPP by Applicants who used Barbie Dolls as IDs

President Trump proposed 50-year mortgages to improve housing affordability by lowering monthly payments. While longer terms reduce payments, they also slow equity buildup and are currently not allowed under the Dodd-Frank Act.

One of the key engines of the U.S. economy is starting to misfire and it’s happening in auto lending. Since the pandemic, car buyers have faced a costly mix: record sticker prices, shrinking dealer incentives, and higher borrowing costs. To make car ownership possible, more Americans, especially lower-income households, have turned to used vehicles and stretched loans out over longer terms. Now, the strain is showing. Delinquencies are rising, repossessions are climbing, and subprime borrowers are feeling the squeeze as wages stagnate and unemployment edges higher. On the surface, the economy still looks strong, but the auto market is one...

Regional bank stocks tumbled on Thursday after Zions Bancorp said it would write off fraudulent loans made to two borrowers, adding to investors’ fears about lending standards and stress in credit markets. Zions Bancorp (ZION) on Thursday said it had recently identified “what it believes to be apparent misrepresentations and contractual defaults” by two borrowers. As a result, it plans to write off $50 million of the $60 million outstanding on the affected loans. Shares of Zions dropped 13% on Thursday, leading regional banks lower. The KBW Regional Banking Index fell 6%. The recent bankruptcies of two companies in the...

A Dallas-based auto lender once praised by the U.S. Treasury for “community development” has filed for bankruptcy amid allegations of fraud and financial misconduct, leaving major U.S. banks facing heavy losses. Tricolor Holdings, which specialized in selling used cars and providing loans to illegal immigrants, built its business model on customers who could not qualify for traditional financing, according to Revolver News, which first reported the company’s collapse. The company charged high interest rates and above-market vehicle prices, marketing the program as “social lending.” Subsequent reporting by Barron’s and state regulators confirmed that Tricolor had repeatedly been cited for delayed...

A guy I know just had his truck repossessed. He claims he was current on his payments and because I used to be in the auto remarketing many years ago, he called (texted) me for assistance. He bought the truck and financed it with Tricolor. Here's the AI info...

Many Americans love the feeling of driving a new car, but the price of that thrill is pushing household budgets to the edge. Auto loan delinquencies are spiraling, the nation now owes a staggering $1.66 trillion in auto loans, and some figures show scary similarities to the period right before the 2008 financial crash. That’s according to a new report titled “Driven to Default: The Economy-Wide Risks of Rising Auto Loan Delinquencies” from the Consumer Federation of America (CFA). It describes auto finance in the US as being “at breaking point,” and criticizes Congress and the country’s federal watchdogs for...

Less than half of student loan borrowers have been making their payments on $1.6 trillion of debt as they struggle to afford housing and groceries – and some are letting the bills pile up as a form of protest. Only 38% of the 42.7 million borrowers nationwide are in repayment and current following five years of leniency measures from the US government following the COVID-19 pandemic, the Department of Education said in April. While most borrowers have loans that are less than $40,000, about 3.6 million Americans owe more than $100,000 each in federal loans totaling $656.7 billion – or...

"The biggest threat to the Republican Party in 2028 is if we do not deliver on our promises of [home]ownership for the next generation," Kirk told Fox News Digital in an interview at the Turning Point Student Action Summit in Tampa, Florida… "If we don't fix the homeownership problem in this country, the cost-of-living crisis, and if we don't give the next generation [a chance] at being owners and not renters, we are going to see what I call ‘Mamdani-ism’ spread across the country," he predicted. The influential conservative media personality said there was no doubt that younger voters were...

Millions of federal student loan borrowers are just weeks away from default as serious delinquencies surge to record highs after the Trump administration resumed debt collections, economists say. Nearly one-third (31%) of federal borrowers with a payment due were at least 90 days late in April, according to a new report from TransUnion released on Tuesday, June 24. That's nearly triple the pre-pandemic rate of 11.7% and the highest figure on record. Just 0.3% of borrowers were in default by April, but with nearly 5.8 million now more than 90 days late, many are on the brink of defaulting. Once...

Around 6 million student borrowers are 90 days or more past due on their student loan payments, and around a third of them, or 2 million, could start having a portion of their wages garnished by the federal government starting in July to pay back their loans. According to the Wall Street Journal, the number of borrowers at risk of wage garnishments is higher than the 1.2 million that was estimated by TransUnion. Wage garnishments—a legal procedure allowing a portion of wages to be withheld by the government to pay down a debt—could spell lower pay for the student borrowers...

The U.S. House has passed legislation barring all noncitizens, except permanent residents from acquiring Small Business Administration loans. The American Entrepreneurs First Act of 2025, which passed in a 217-190 vote Friday, would require the SBA to verify the citizenship status and age of every applicant, codifying reforms recently implemented by the agency. If the bill passes the Senate and becomes law, the SBA will permanently exclude illegal immigrants, refugees and asylees, visa holders, DACA recipients or nonimmigrants from obtaining taxpayer-funded SBA loans. It would also disqualify companies partially or completely owned by such individuals. Co-sponsor of the bill, Rep....

Here's NewsNation's Brian Entin reporting on an anonymous USDA whistleblower who is exposing the Biden regime's racism. Brian Entin @BrianEntin I met with a USDA whistleblower. He says the Biden administration forgave farm loans for only non-white farmers and when they were told it was illegal, continued to secretly do it. Kept it "hushed for the obvious implications of race based loan forgivingness." Full story: VIDEO AT LINK............. "It was to pay off anyone who wasn't a white male's loan. That was the only qualification for this loan forgiveness." That's all that it took to be qualified?? "They were trying...

Energy Secretary Chris Wright hinted that he would soon take action canceling billions of dollars' worth of Biden-era green energy loans that he said do not promote American energy security and are too risky for taxpayers. In an exclusive interview with the Washington Free Beacon, Wright took aim at how the Department of Energy's Loan Programs Office dished out billions of dollars in loans during the final months of the Biden administration. While Wright stopped short of naming particular projects he may cancel loans for, he said the Trump administration would only look to support projects that directly benefit Americans...